Financial Analysis · Broker Checklist
Rent Roll & T-12 Review Checklist
The rent roll and the T-12 are where a seller's story meets the numbers. Your job is to separate real, durable income from the pro-forma optimism layered on top. This checklist verifies the rent roll against actual leases and collections, normalizes the T-12 into a clean NOI, and flags the most common ways operating statements get dressed up for sale.
Pro Tip
Underwrite to verified, in-place numbers — never to the seller's pro forma. "Market rent" and "after renovations" income is the seller's upside to sell you; it isn't yours until you've earned it.
1. Rent Roll Verification
0/62. T-12 Normalization
0/53. Expense Audit
0/64. Seller Tricks to Catch
0/6Go deeper — free course
This resource is distilled from the MaxLife Academy CRE curriculum. The full lesson walks through every point with examples and the reasoning behind it.
Course 03 — Reading CRE Financial Statements→Pair it with a tool
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Working a live deal in Central Florida?
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